Fourth Quarter and Full Year 2017 Financial Results. 25 January 2018

Transcription

1 Fourth Quarter and Full Year 2017 Financial Results 25 January

2 Scope of Briefing Address by CEO Group Financial Highlights by CFO 2

3 3 Address by CEO

4 A New Chapter Global resolution brings closure to investigations into corrupt payments Effective compliance controls embedded across the Group with zero tolerance for corruption Determined to regain trust of stakeholders On track with growth plans as a more disciplined and sustainable company 4

5 Resilience through Multi-business Strategy Gas Strategy Environmental Infrastructure Large-scale Mixed-use Urban Developments Asset Management Platform Omnichannel Logistics & Channel Management Solutions 5

6 Financial Performance FY 2017 net profit S$217m, down 72% yoy S$m FY 2016 FY 2017 S$m FY 2016 FY 2017 Offshore & Marine 29 (835) Property Infrastructure Investments Total Net profit of S$217m Excluding one-off global resolution and related costs of S$619m, net profit would have been S$836m EVA was negative S$834m ROE was 1.9% Free cash inflow of S$1,802m in FY 2017, vs S$540m in FY 2016 Net gearing was 0.46x at end-2017, vs 0.56x at end-2016 Proposed final DPS i of 14 cts, total DPS of 22 cts for FY i Dividend per share

7 Multiple Income Streams Steady recurring income of S$319m for FY 2017 Net profit by income type (Excluding one-off global resolution & related costs) Recurring income breakdown (%) S$m (66) FY 2016 FY % S$339m S$319m 19% 27% 29% 24% 19% 26% 26% 27% -1% FY 2016 FY 2017 Revaluations, major impairments & divestments REITs & trust Infrastructure Others Asset management Rental & charter 7

8 MPV Everest - Keppel s 11th ice-class vessel delivered to-date Offshore & Marine 8

9 Offshore & Marine FY 2017 net loss S$835m 0 S$m FY 2016 FY (5) ii (213) (3) (619) One-off impact from global resolution and related costs of S$619m Made S$81m additional provision for losses on Sete s semis and S$54m impairment on other assets Secured ~S$1.2b non-drilling projects in 2017 including LNG containerships, FPSO jobs and dredgers (835) i One-off global resolution & related costs i Includes contributions from Floatel, Seafox and Dyna-Mac, etc. ii Includes impairment of S$277m for fixed assets, stocks & WIP and investments 9

10 Offshore & Marine Net orderbook i S$3.9b as at end-2017 S$b End-2016 End-2017 Newbuild jackups Newbuild semis FPSOs/FLNGs Specialised vessels Others ii Focused on execution 10 major projects delivered in 2017 Delivered 1st jackup of 2018 to Borr Drilling Delivery of 6 jackups rolled over from 2017 Delivery of Ensco s jackup extended from 2018 to early 2019 for upgrading; ~98% of contract price received to-date Notices to Proceed on Gandria and Gimi FLNG conversions extended to mid- and end-2018 respectively i Excludes semis for Sete ii Includes modification, upgrading, fabrication and rig repairs 10

11 Artist impression of K-Plaza in Shanghai Property 11

12 Property FY 2017 net profit S$685m, up 10% yoy S$m FY 2016 FY 2017 Building a multi-dimensional property company with a strong focus on returns Announced 5 divestments totaling ~S$1.0b in 2017, including sale of Zhongshan development and West Bali site in 4Q Recognised total divestment gains of S$212m i in 2017 Announced 9 acquisitions totaling ~S$1.6b in 2017, including residential sites in Wuxi, HCMC and Bangkok in 4Q Property trading Hotels/Resorts Property investment REIT i Divestment gains mainly from Waterfront Residences in Nantong, Central Park City in Wuxi, Botanica in Chengdu, Sedona Hotel Mandalay, PT Sentral Tunjungan Perkasa in Surabaya and the West Bali site. 12

13 Property Home sales Sold over 5,480 units in 2017, with total sales value of ~S$2.8b Units , , , ,110 3,800 3,725 FY 2016 FY 2017 China Vietnam Singapore Others i The three projects are Waterfront Residences in Nantong, Central Park City in Wuxi, and Palm City land plots in HCMC Tightening measures in China and timing of launches in Vietnam led to lower volumes Singapore sales remained steady Indonesia recorded higher sales of 270 units Sale of 7,740 overseas homes worth ~S$2.4b to be recognised over Divested 3 projects i in 2017, equivalent to 4,330 homes sold en bloc, vs 630 homes in 2016

14 Property Portfolio Residential landbank of ~63,000 homes in total, after replenishing pipeline with ~5,710 homes Total commercial portfolio can generate annual net operating income of ~S$300m when stabilised i Residential Launch-ready homes (units) Commercial ii Gross floor area (sm) 2, ,780 2,238 6,243 5,322 50, , ,100 92, , ,500 11,900 70,800 53, ,000 61, , , , Under Development Completed China Vietnam Singapore Indonesia Others 14 i Assumes completed developments and those under development achieve >90% occupancy ii Excludes Keppel REIT s assets

15 Artist impression of the Hong Kong Integrated Waste Management Facility (IWMF) Infrastructure 15

16 Infrastructure FY 2017 net profit S$132m, up 33% yoy Stronger performance driven by energy infrastructure and infrastructure services Key milestones S$m (16) Jointly secured S$5.3b i DBO contract with Zhen Hua for HK s first IWMF Keppel Marina East Desalination Plant is over 30% completed Achieved final handover of Doha North Sewage Treatment Works FY 2016 FY 2017 Energy, Environment & Infrastructure Services Data centres REIT & Trust Logistics and others Won contracts to provide WTE technology in China Launched omnichannel logistics and channel management solutions arm, UrbanFox i Keppel Infrastructure s share of the contract value is S$1.95b 16

17 Infrastructure Growing recurring income from Infrastructure Services which contributed revenue of ~S$160m in 2017 Comprehensive Range of Operations & Maintenance Expertise PRESENT FUTURE Singapore: Keppel Merlimau Cogen Plant (20 years from 2015) Keppel Seghers Tuas WTE Plant (25 years from 2009) Keppel Seghers Ulu Pandan NEWater Plant (20 years from 2007) Senoko WTE Plant (15 years from 2009) 4 DHCS plants (20 years from 2016) Qatar: Domestic Solid Waste Management Centre (20 years from 2011) Doha North Sewage Treatment Works (10 years from 2016) Singapore: Keppel Marina East Desalination Plant (25 years from 2020) Hong Kong: Integrated Waste Management Facility (15 years from 2024) 17

18 Listing of Keppel-KBS US REIT on the Singapore Exchange Investments 18

19 Investments FY 2017 net profit S$235m, up >500% yoy S$m (28) FY 2016 FY 2017 Investments Division becoming a stronger contributor to the Group Tianjin Eco-City on track for long-term growth Keppel-KBS US REIT listed on SGX-ST with US$553m raised Keppel REIT and Keppel DC REIT made 3 acquisitions totaling ~S$670m Alpha raised US$1.0b for Alpha DC Fund and US$560m for Alpha Asia Macro Trends Fund III Asset management Others 19

20 Investments Asset management fees S$m 124 Asset management business consolidated under Keppel Capital Keppel Capital delivers stronger performance through integrated asset management platform Total asset management fees i of S$134m in 2017 attributable to: ~60% from listed REITs and Trust ~40% from private funds AUM ii grew to S$29b from S$25b at end Base fees (Includes management fee, advisory fee, commitment fee) Performance fees (Includes performance fee, and fees from acquisition and disposition) Target to grow AUM to S$50b by 2022 i Based on 100% interest in Keppel DC REIT Management ii When fully leveraged and invested 20

21 Harnessing Strengths Keppel Urban Solutions was incorporated to pursue sustainable, smart urban development opportunities in the region First project is Saigon Sports City, a 64-ha modern mixed-use development in District 2 of HCMC, in collaboration with Keppel Land First phase of Saigon Sports City comprises 90,000m² of commercial space and 1,220 premium homes, of which 620 units are slated for launch in 2H18. 21

22 Shaping the Future Our mission: Guided by our operating principles and core values, we will deliver solutions for sustainable urbanisation profitably, safely and responsibly. 22

23 23 Group Financial Highlights by CFO

24 4Q 2017 Financial Performance Net Profit EPS from net profit of S$143m to net loss of S$495m i From 7.9 cts to negative 27.3 cts i EVA from negative S$179m to negative S$895m i i Includes one-off financial penalty from global resolution and related costs 24

25 4Q 2017 Financial Performance (Excluding one-off global resolution & related costs) Net Profit EPS EVA 13% to S$124m 14% to 6.8 cts from negative S$179m to negative S$276m 25

26 4Q 2017 Financial Highlights (Excluding one-off global resolution & related costs) S$m 4Q Q 2016 % Change Revenue 1,545 1,940 (20) EBITDA Operating Profit Profit Before Tax Net Profit (13) EPS (cents) (14) 26

27 4Q 2017 Revenue by Segments S$m 4Q 2017 % 4Q 2016 % % Change Offshore & Marine (39) Property (26) Infrastructure Investments (25) Total 1, , (20) 27

28 4Q 2017 Pre-tax Profit by Segments (Excluding one-off global resolution & related costs) S$m 4Q 2017 % 4Q 2016 % % Change Offshore & Marine (253) (122) (142) (69) 78 Property Infrastructure Investments Total

29 4Q 2017 Net Profit by Segments (Excluding one-off global resolution & related costs) S$m 4Q 2017 % 4Q 2016 % % Change Offshore & Marine (217) (175) (138) (96) 57 Property Infrastructure Investments (7) (5) nm Total (13) 29

30 FY 2017 Financial Performance Net Profit EPS ROE EVA Free Cash Inflow 72% to S$217m i 72% to 11.9cts i from 6.9% to 1.9% i from negative S$140m to negative S$834m i from S$540m to S$1,802m Net Gearing from 0.56x to 0.46x Dividend from 20.0 cts per share to 22.0 cts per share i Includes one-off financial penalty from global resolution and related costs 30

31 FY 2017 Financial Performance (Excluding one-off global resolution & related costs) Net Profit EPS 7% to S$836m 6% to 46.0cts ROE from 6.9% to 7.0% EVA Free Cash Inflow from negative S$140m to negative S$215m from S$540m to S$1,802m Net Gearing from 0.56x to 0.46x Dividend from 20.0 cts per share to 22.0 cts per share 31

32 FY 2017 Financial Highlights (Excluding one-off global resolution & related costs) S$m FY 2017 FY 2016 % Change Revenue 5,964 6,767 (12) EBITDA 988 1,032 (4) Operating Profit (2) Profit Before Tax 1,135 1,055 8 Net Profit EPS (cents)

33 FY 2017 Revenue by Segments S$m FY 2017 % FY 2016 % % Change Offshore & Marine 1, , (37) Property 1, , (12) Infrastructure 2, , Investments Total 5, , (12) 33

34 FY 2017 Pre-tax Profit by Segments (Excluding one-off global resolution & related costs) S$m FY 2017 % FY 2016 % % Change Offshore & Marine (243) (21) 90 8 nm Property Infrastructure Investments Total 1, ,

35 FY 2017 Net Profit by Segments (Excluding one-off global resolution & related costs) S$m FY 2017 % FY 2016 % % Change Offshore & Marine (216) (26) 29 4 nm Property Infrastructure Investments >500 Total

36 Net Profit & EPS (Excluding one-off global resolution & related costs) Net profit (S$m) EPS (Cents) 1,846 1, , Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 36

37 ROE & Dividend (Excluding one-off global resolution & related costs) 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% Dividend in specie ~9.5cts/share Plus 19.5% 18.8% % % 7.0% FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 ROE Interim Dividend Full-Year Dividend

38 Free Cash Flow FY 2017 S$m FY 2016 S$m Operating profit Depreciation & other non-cash items (313) ,202 Working capital changes 1,290 (586) Interest & tax paid (376) (322) Net cash from operating activities 1, Investments & capex (187) (156) Divestments & dividend income Advances to associated companies (43) (58) Net cash from investing activities Cash inflow 1, Dividend Paid (390) (622) * Free cash flow excludes expansionary acquisitions and capex, and major divestments 38

39 39 4Q & FY 2017 Results Q&A

40 40 Additional Information

41 Revenue by Geography FY 2017 Total S$m Overseas Customers % Singapore Customers % Offshore & Marine 1, Property 1, Infrastructure 2, Investments Total 5,964 49% of total revenue came from overseas customers 41

42 EBITDA by Segments S$m FY 2017 % FY 2016 % % Change Offshore & Marine (47) (5) nm Property Infrastructure Investments Total , (4) 42

43 Capital/Gearing/ROE S$m 31 Dec Dec 2016 Shareholders Funds 11,433 11,659 Total Equity 11,960 12,334 Net Debt 5,519 6,966 Net Gearing Ratio 0.46x 0.56x ROE 1.9% i 6.9% i Includes one-off financial penalty from global resolution and related costs 43

44 44 OFFSHORE & MARINE

45 Financial Highlights Offshore & Marine S$m 4Q Q 2016 % Change Revenue (39) EBITDA (186) (68) 174 Operating Loss (215) (117) 84 Loss Before Tax (872) i (142) nm Net Loss (836) i (138) nm i Includes one-off financial penalty from global resolution and related costs 45

46 Financial Highlights Offshore & Marine S$m FY 2017 FY 2016 % Change Revenue 1,802 2,854 (37) EBITDA (47) 300 nm Operating (Loss)/Profit (176) 135 nm (Loss)/Profit Before Tax (862) i 90 nm Net (Loss)/Profit (835) i 29 nm i Includes one-off financial penalty from global resolution and related costs 46

47 Offshore & Marine Review About S$1.2b contracts secured in FY 2017: 2 LNG containerships, 2 LNG carriers, a gas carrier refurbishment, 4 FPSO conversions, an FPSO hull carry over works, an FLNG turret fabrication, a crane vessel conversion, a Tension Leg Wellhead Platform project involving engineering and construction support services, and 3 dredgers. Contract completions in FY 2017: 2 FPSO conversions, an FPSO topsides installation/integration, an FPSO module fabrication & integration, an FPSO turret fabrication, an FLNG conversion, a semi, a subsea construction vessel, a crane vessel conversion, and a multi-purpose ice-class vessel. 47

48 Offshore & Marine Orderbook Contract Value Gross Net Client S$m S$m For delivery in JUs/1 FPSO Modules Fab. & Integration/ Grupo R/Clearwater/Falcon Energy/ 1 Hull Carry Over Works/1 FPSO Modification & Upgrade/ Borr Drilling/Petrobras/ 2 FPSO Conversions/1 Gas Carrier Conversion/ Exmar/Totem Ocean/Woodside/Dixstone/ 1 RORO Vessel Engine Conversion/2 Dredgers/2 Dual Fuel Tugs 3, Prosafe/Jan De Nul/KST/Maju For delivery in JUs/1 Liftboat/1 FPSO Modules Fab. & Integration/ BOT Lease Co/Ensco/Borr Drilling/Fecon/ 1 TLWP Engineering & Construction Services Support/ TS Offshore/Crystal Heights/Petrobras/ 1 FPSO Conversion/2 Dredgers/2 LNG Carriers 3, PTSC/SBM/Jan De Nul/Stolt-Nielsen For delivery in JUs/2 Semis*/1 Dredger/2 LNG Containerships/ Borr Drilling/*Name withheld/jan De Nul/ 1 FLNG Turret/2 FLNG Conversions 3,457 3,090 Pasha Hawaii/SOFEC/Golar/ Total as at 31 December 2017 (excl. semis for Sete Brasil) 9,845 3,864 48

49 49 PROPERTY

50 Financial Highlights - Property S$m 4Q Q 2016 % Change Revenue (26) EBITDA Operating Profit Profit Before Tax Net Profit

51 Financial Highlights - Property S$m FY 2017 FY 2016 % Change Revenue 1,782 2,035 (12) EBITDA Operating Profit Profit Before Tax Net Profit

52 Sales Achieved - Overseas Key Projects Location Units Sold in FY 2017 Sales Value in FY 2017 Latest Avg. Selling Price China (RMB m) (RMB psm) Park Avenue Heights ~25,000 Chengdu V City 1,911 2,700 ~13,300 Serenity Villas ~14,600 Seasons Garden, Tianjin Eco-City Ph ,101 ~18,000 Seasons Residences, Tianjin Eco-City Ph 3 Tianjin ~16,000 Seasons Heights, Tianjin Eco-City Ph ~14,600 Waterfront Residences ~24,000 Waterfront Residences 288 1,213 ~23,600 Wuxi Park Avenue Heights ~14,900 Total 3,561 6,970 Vietnam (US$ m) (US$ psm) Estella Heights Dist ~2,100 Riviera Cove Dist ~1,600 Riviera Point Ph 1A Dist ~1,800 The View ~1,700 Palm City Palm Heights ~1,600 Empire City Linden Residences Dist ~2,600 Tilia Residences ~3,300 Total 1,

53 Residential Landbank - Singapore Singapore Stake Tenure Total GFA (sf) Total Units Units Launched Units Sold Remaining Units Remaining Area For Sales (sf) Launched Projects Corals at Keppel Bay 100% 99-yr 509, ,450 Reflections at Keppel Bay 100% 99-yr 2,081,738 1,129 1, * 298,820 Highline Residences 100% 99-yr 473, ,142 Upcoming Projects Serangoon North Ave 1 60% 99-yr 462, ^ ,561 Keppel Bay Plot 4 39% 99-yr 344, ^ ,448 Keppel Bay Plot 6 100% 99-yr 226,044 86^ ,044 Total 4,098,007 2,928 1,995 1,709 1,219 1,577,465 * Includes 43 units committed to buyers under a deferred payment scheme ^ Estimated no. of units As of end-dec

54 Residential Landbank - China China Location Stake 8 Park Avenue *Includes commercial area As of end-dec Total GFA (sm) Total Units Units Launched Units Sold Remaining Units For Sale Remaining Area For Sale (sm) 99% 133, ,201 Seasons Residences Shanghai 100% 128,918 1,102 1,062 1, ,990 Sheshan Riviera 99.4% 83, ,354* Park Avenue Heights 100% 203,129 1,535 1,535 1, ,100 Hill Crest Villas 100% 163, ,147 Chengdu Serenity Villas 100% 233, ,862 V City 35% 557,962 5,399 4,507 4, ,262* Waterfront Residences 100% 306,962 1, , ,404* Park Avenue Heights Wuxi 100% 171,593 1, , ,571* Xinwu District Development 100% 360,500 2, , ,500 Serenity Villas 100% 80, ,536 Mixed-use Devt 100% 1,358,202 11, ,299 1,358,202 Tianjin Tianjin Eco-City 100% 624,416 4,297 3,366 3,188 1, ,909* Waterfront Residences 100% 63, ,238 Stamford City Jiangyin 99.4% 309,322 1,470 1,125 1, ,490 The Seasons 100% 365,186 2, , ,352 Shenyang Hunnan Township Devt 99.8% 756,580 7, , ,580 Keppel Cove Zhongshan 80% 460,000 1, , ,000 Hill Crest Residences 68.8% 44, ,812 Kunming La Quinta II 68.8% 10, Total 6,415,130 45,085 14,464 13,735 31,350 4,739,437

55 Residential Landbank - Other Overseas Location Stake Total GFA Total Units Units Remaining Remaining Area (sm) Units Launched Sold Units For Sale For Sale (sm) Vietnam Estella Heights 98% 123, Saigon Sports City 90% 724,000* 4, , ,400 Dist. 2 Palm City (South Rach Chiec) 42% 521,416* 3, , ,895 Empire City 40% 408,600 2, , ,873 Riviera Point Dist. 7 75% 437,944* 2,400 1, , , ha landed site Dist % 54, ,680 Villa Devt Saigon 50% 58, , ha mixed-use site South 100% 283,749* 1, , ,126 Dong Nai Waterfront City Dong Nai 50% 2,046,955* 7, ,850 1,293,500 Sub-Total: 4,659,990 23,761 3,872 3,726 20,035 2,611,064 Indonesia West Vista at Puri 100% 153,464* 2, , ,063 Daan Mogot 100% 226,800 4, , ,800 The Riviera at Puri (JV with Metland) Jakarta 50% 71, ,654 BCA site 100% 36, ,113 Sub-Total: 487,618 8, , ,630 Thailand Sukhumvit 19 Condominium 49% 14, ,000 Bangkok Sukhumvit 28 Condominium 49% 30, ,000 Sub-Total: 44, ,000 India Park Square (formerly known as Elita Horizon) Bangalore 51% 167,226 2, , ,226 USA The Residences at 200 East 59 New York 83% 18,170* ,642 Total 5,377,504 34,595 4,470 4,142 30,453 3,229,562 * Includes commercial area As of end-dec

56 Residential Launch Readiness China Project Location Units Ready to Launch Park Avenue Seasons Residences Shanghai Sheshan Riviera^ Park Avenue Heights Hill Crest Villas^ Chengdu Serenity Villas^ V City^ Waterfront Residences^ Wuxi Park Avenue Heights^ Serenity Villas Tianjin Eco-City^ Tianjin Waterfront Residences Stamford City^ Jiangyin The Seasons Shenyang Hill Crest Residences La Quinta II Kunming Plot D^ Total 2,403 1,854 1,065 ^ Includes new launches 56

57 Residential Launch Readiness Other Overseas Project ^ District 7, the other projects in Vietnam are in District 2 Location Units Ready to Launch Indonesia West Vista at Puri The Riviera at Puri Jakarta BCA site Vietnam Estella Heights 6 Saigon Sports City Riviera Point^ The View 118 Riviera Point (Subsequent phases) Palm City Palm Heights HCMC 2 Palm Garden (Palm City Ph 2) Palm City (Subsequent phases) Empire City Linden Residences 2 Tilia Residences (Empire City Ph 2) 18 Empire City (Subsequent phases) Thailand Sukhumvit 19 Condominium Jakarta Sukhumvit 28 Condominium India Park Square (formerly known as Elita Horizon) Bangalore 1, Total 4,217 3,314 3,028 57

58 Expected Completion for Launched Projects Projects/Phases launched Location Total Units Units Launched as at end-dec 2017 Units Sold as at end-dec 2017 Units Remaining as at end-dec 2017 Expected Completion China Sheshan Riviera Shanghai H18 Waterfront Residences H18 Wuxi Park Avenue Heights H18 V City (Ph 2) 1,495 1,495 1,495-1H18 V City (Ph 3) Chengdu 1,298 1,298 1, H18 V City (Ph 4) 1, H19 Seasons Residences H19 Seasons Garden, Tianjin (Plot 9) H19 Tianjin Seasons Garden, Tianjin (Plot 8) H20 Seasons Heights H20 Indonesia The Riviera at Puri H20 Jakarta West Vista at Puri 2, ,605 2H22 Vietnam Estella Heights (Ph 2) H18 The View H19 Palm Heights HCMC H19 Linden Residences H20 Tilia Residences H20 Total 12,418 8,067 7,469 4,949 58

59 Expected Completion for Upcoming Projects Projects/Phases to be launched China Location No. of Units Expected to be Completed Sheshan Riviera Shanghai Hill Crest Villas Chengdu Serenity Villas Waterfront Residences Wuxi Park Avenue Heights Seasons Residences Tianjin Hill Crest Residences Kunming Total ,049 59

60 Commercial Projects - Under Development Projects under Development Location Stake GFA (sm) Development Cost (1) Completion China Beijing Commercial Beijing 51% 104,800 RMB2.7b 2019 Park Avenue Central Shanghai 99% 115,900 RMB2.9b 2022 Seasons City Tianjin 100% 161,800 RMB2.6b 2020 (Ph 1) Indonesia IFC Jakarta Tower 1 Jakarta 100% 92,500 S$270m 2023 Vietnam Estella Place 98% 37,000 (Retail) US$50m 2018 HCMC Empire City 40% Myanmar 86,400 (Office) 106,000 (Retail) 35,000 (Hotel) 25,000 (Serviced Apt) US$580m 2024 Junction City Ph 2 Yangon 40% 50,000 US$48.6m (2) 2021 Philippines SM-KL Project Ph 2 Manila 27.4% 110,100 (Office) S$260m 2019 (Office) (1) Excluding land cost (2) Investment cost for 40% stake 60

61 Commercial Projects - Completed Key Completed Projects Location Stake GFA (sm) Net Lettable Area (sm) Completion Singapore Keppel Bay Tower Keppel Towers and Keppel Towers 2 Singapore 100% 52,900 40, / % 41,800 36, I12 Katong 22.4% 26,100 19, China Trinity Tower (formerly known as SOHO Hongkou) 30% 70,000 48, Shanghai K Plaza 99.4% 40,900 27,000 Under renovation Vietnam Saigon Centre Ph % 17,200 (Office) 10,600 (Office) 1996 HCMC 55,000 (Retail) 37,600 (Retail) 2016 (Retail) Saigon Centre Ph % 44,000 (Office) 34,000 (Office) 2017 (Office) Indonesia IFC Jakarta Tower 2 Jakarta 100% 61,300 50, Myanmar Junction City Tower Yangon 40% 53,100 33, Philippines SM-KL Project Ph 1 24,500 16,100 Under renovation Manila 27.4% SM-KL Project Ph 2 46,300 (Retail) 30,340 (Retail) 2017 UK 75 King William Street London 100% 11,900 11, As of end-dec 2017

62 62 INFRASTRUCTURE

63 Financial Highlights - Infrastructure S$m 4Q Q 2016 % Change Revenue EBITDA Operating Profit Profit Before Tax Net Profit

64 Financial Highlights - Infrastructure S$m FY 2017 FY 2016 % Change Revenue 2,207 1, EBITDA Operating Profit Profit Before Tax Net Profit

65 65 INVESTMENTS

66 Financial Highlights - Investments S$m 4Q Q 2016 % Change Revenue (25) EBITDA 45 (16) nm Operating Profit/(Loss) 44 (17) nm Profit Before Tax Net Profit/(Loss) 19 (7) nm 66

67 Financial Highlights - Investments S$m FY 2017 FY 2016 % Change Revenue EBITDA Operating Profit Profit Before Tax Net Profit >500 67

68 Net Profit by Business Units (Excluding one-off global resolution & related costs) S$m FY 2017 FY 2016 % Change Keppel O&M (216) 29 nm Keppel Land Keppel Infrastructure Keppel T&T Keppel Capital Share of SSTEC s profit KCL, Others & Elimination (3) (14) (79) Total

69 69 This presentation may contain forward-looking statements which are subject to risks and uncertainties that could cause actual results to differ materially from such statements. Such risks and uncertainties include industry and economic conditions, competition, and legal, governmental and regulatory changes. The forward-looking statements reflect the current views of Management on future trends and developments.